Getting Higher Fico Score - Success story game plan

[Madison]

My FICO score was 569 on May 30, 2007. Today, I got a new score watch of 691. It didn't happen overnight. But below are some of the things I did to get my credit score up.

1) I paid CC's on time and made more than minimum payment. 

2) I paid off two of highest interest rate revolving credit to $0. I chose the two which had the lowest balance owed with the highest interest charged. This reduced the number of open revolving credit accounts.

3) I called the CC's and asked that the interest rates be lowered. I was able to get every credit card to lower interest rates except for Chase. Reducing the interest rates CC's charge allowed me to pay off the principal balances quicker. I call each month to request lower interest rates. I had one card who lowered my interest rate an average of 2% each time I ask. I got them to lower from 30% to 15% in 7 months. I was persistent. In most cases it helped to talk with a supervisor. Be nice.

4) I reduced my utilization from 80% to 39%. Still planning to reduce utilization to 1-9%.

5) When they wouldn't honor my request to lower my interest rates, I then asked for higher CL. I was able to increase CL on all but two CC's. Chase does't want to work with me. Be sure and ask if they will do a soft pull or hard pull. Don't request higher CL if they tell you they will do a hard credit check.

6) I called and got Capital One to remove 1 30 day late payment on two CC's. This was done by asking to speak with Supervisor. Be nice but the first person you talk with will tell you they can't. Go to next level.

7) I made sure I did not have any new inquiries.  I did have one inquiry that went off my credit report which was made 1/14/07. I made sure that when asking for a CL increase they will only do a soft pull. If they say they have to get a hard credit check, decline to request a credit line increase.

8) I didn't apply for any new credit. I know it is tempting to apply for new credit card and transfer higher interest charging CC balances. I felt that applying for new credit with hard credit pulls would bring down my credit score. If you are wanting to increase credit scores, consolidating is not the answer.

9) Stay up todate by checking MyFico account. I don't think I would have been as proactive if I hadn't subscribed to MyFico.

I hope the aforementioned will be helpful to some of the newbies on this board. I have to get my taxes filed so I can now apply for a mortgage. I hope this will give encouragement to some of you who were frustrated and struggling to improve your FICO credit scores.

Message Edited by Madison on 02-04-2008 12:16 PM

Message Edited by Madison on 02-04-2008 12:19 PM

Message Edited by Madison on 02-04-2008 12:19 PM

Message Edited by Madison on 02-04-2008 12:22 PM

[Anonymous]

Madison,

This sounds almost exactly like the plan I'm currently going through.

By August, I should have util% down to 1-5%.

In October, I should have 0 inquires in the previous year.

Back in July/August of this previous year, I had a 571. Of course my Util% was in the 150% range b/c I didn't know closing them out before paying them off was so bad. I've got that Util% down to ~90-100% now, got a 30 day removed, and I'm already up to a 602. I'm expecting big jumps in the next few months with the inquiries rolling off and the Util% dramatically decreasing.

[granny031350]

I have my TU up to 591 and if I get my util down to 10 percent or less, it will be over 600.  Also my Equifax went up today to 581.  I am still disputing some accounts, one derog account reporting twice

But has been updated by the OC, he told me to be patient to let the update wind it way through the system.  And I have a ton of stuff (all neg) that will fall off automatically between now and Sept.  (TU deleted it all already)  so I know that EQ will be up over 600 by end of summer.  Now Exp. . . that is another story

[Anonymous]

Madison, a wonderful post and great words of encouragement!

Thank you for posting.

[haulingthescoreup]

Madison, that's great work! Hope you post it on the Success Stories thread:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=27512

[RobertEG]

Thanks for the post, Madison, and  you should be very proud that you have really, really learned how to play the FICO game, and more iimportantly, to then act upon what you have learned! It just shows that more than just getting old, waiting for normal aging,  and withering away in the corner, and simply waiting for the benign FICO gods to bestow a higher credit score, is not all that one can do!  I say this sincerely, Madison, as a FICO vet, your posts have inspired me!  You da man!

[MidnightVoice]

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RobertEG wrote:

 It just shows that more than just getting old, waiting for normal aging,  and withering away in the corner, and simply waiting for the benign FICO gods to bestow a higher credit score, is not all that one can do! 

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Patience and fiscal responsibility, plus a really good internet connection, are required.